Physiotherapy, Chiropractic and Massage Therapy Medical Accounting Toronto
When it’s easier to perform an adjustment than doing your bookkeeping and corporate taxes, we’re here to help. When you’re in search of professional medical accounting in Toronto, look no further than Toronto Tax Experts. Let us handle your bookkeeping while you focus on treating your patients.
If you’re like most chiropractors, physiotherapists or massage therapists, you wonder if you’re doing your bookkeeping and corporate tax return correctly. When we become your medical accounting firm in Toronto, we’ll keep you updated with the relevant financial data your practice needs to run smoothly and capitalize on opportunities for growth.
Reconciling Bank, Sales and Expense Details
Bookkeeping creates a record of financial transactions that can be summarized for various uses. It is a crucial component to building a financially successful business or medical practice. At TTE, our medical accounting Toronto bookkeeping services are used to understand how much you make, spend and provide you with the ability to make smart business decisions. Having inaccurate bookkeeping or financial statements that are three months behind is the first sign you are not making the correct decisions and working in the dark. This will create issues for CRA tax planning, cash flow issues for unexpected expenses, understanding the seasonality of your business.
At Toronto Tax Experts, we’re currently serving 100’s of businesses across Canada with fast turnaround and guaranteed quality of work. All of our medical accountants are vetted, certified professionals with years of experience under their belts.
The Main Items You Should be Reconciled Monthly:
- POS System to Bank Deposits
- Financial Bank Accounts
- Insurance Billing to Accounts Receivable
- Current and Future expenses to Accounts payable
- Run and Live by Cash flow Statement
- Bank payments to Credit Cards statements
Once you have completed the above, you can be confident in your Income Statement and Balance Sheet. After you reconcile your financial information correctly, you are ready to make informed decisions based on those results.
List of Questions You Should be Asking Yourself
What are my most significant expenses?
The majority of Chiropractors, Physio, and Massage Therapist costs lie within Payroll, Rent (Mortgage Interest) and Utilities. Generally, these costs are based on your location and cost of living, but you should be diligent on ensuring you are pay market rates or below market.
Cash Flow Versus your Income Statement
To grow your business, you might spend more than you make for the first year, so having an accurate cash flow projection is paramount. At points in the year, you might see a surplus in your bank account but then refer to your cash flow as you should have higher cash outlays coming for CRA and professional fees.
Where Do My Sales Come From?
Separating your sales by advertising, insurance vs. cash and location is beneficial for future marketing plans. Organized and accurate medical accounting Toronto helps get this done. TTE bookkeepers are the best suited to help make this happen.
Are There Abnormalities in My Monthly Statements?
By looking for expenses that are not smooth month to month, you can find overpayments or costs that you were not aware of are going through your practice. Accurate bookkeeping is the only way to be sure you are not wasting money.
4 Ways TTE Medical Accounting Toronto Helps Chiropractors & Physical Therapy Practices
To be a chiropractic doctor or physical therapist, you’ve spent time and money to become a leader on the health and workings of the human body. You are the expert and patients look to you for advice. TTE are the experts when it comes to cloud bookkeeping, taxes, and accounting, so we do all the work for you, and you can treat your patients.
Expenses Will be Accounted For
Office Rent, Furniture, Donated Time, Furniture, and Supplies are just the start of what we look examine. We will send you a full list of items we feel you are missing, and that could include entertainment for the waiting room to home office expenses.
Unlimited Support at Anytime
From questions about tax planning, or should you lease or buy a business vehicle, we can help. We can guide you through questions about mortgages and business financing, give us a call. We are here to help.
No AI, just Real Humans
We use cloud software to do the work, but we are real people that are here to help you.
This guideline is perfect for Chiropractors, Physio and Massage Therapists, but also applies to all professional practices. The fastest way to grow a successful practice is to have a professional service like TTE’s Medical Accounting Toronto to manage your financial reporting and be your go-to Bookkeeper.
How to Get Started with TTE Medical Accounting in Toronto
We’ll discuss your office or practice’s bookkeeping needs to determine which package works for you. Once we have defined your needs, we will create an engagement letter for your review and sign off.
Now we get started on the bookkeeping. With Toronto Tax Experts medical accounting in Toronto, we work on monthly contracts, allowing you to cancel at any time. We’ll send you an email with relevant information and what files to send us to set up the software and CPA representation.
Set a call with one of our CPA’s and review all remaining questions or concerns.
We will set up Receipt Bank and Cloud Accounting software of your choice and send you login credentials.
Next, the team at TTE will ask you for your bank and credit card statements each month. Please send them to our team to ensure updated books by the next month.
The accounting software will update your bank account via the secure connection every day, ensuring we can reconcile your accounts.
Now month-end is completed, your expert bookkeeper will accurately reconcile your bank and credit card accounts against general ledger balances. After, we will send you an email with a few uncategorized transaction queries.
Respond with the missing details and you are done!